Rent agreement registration process – Charges, Documents
Before checking out how to register the Rental Agreement Online, let’s understand what exactly is the rental agreement and why it is so important.
A rental agreement is an important document that has important terms and conditions mutually agreed upon by the tenant and landlord.
It is mandatory to register the rental agreement as per section 55 of the Maharashtra Rent Control Act 1999.
Generally, the rent agreement can be executed either as a Notarized Agreement or a Registered Agreement.
The notarized agreements are printed on stamp paper and signed by the lawyer. However, the notarized agreements can’t be produced in the courts in case of disputes. It only serves the purpose of document verification.
On the other hand, the registered agreements are printed on stamp paper and registered at the sub-registrar. The registered rental agreement is saved in the government database and can be accessed online easily. Moreover, it can be valid proof in the legal proceedings.
Therefore, it is recommended to register the rental agreement at the sub-registration office. You can register the rental agreement in Maharashtra online or offline.
Registering the rental agreement online in Maharashtra is a simple process. In this article, we will cover some must-know facts about rental agreements. And a step-wise process on how to register the Rental Agreement Online in Maharashtra.
What is a Leave & license Agreement?
A Leave & license agreement is an agreement between the tenant and the owner of the property. It includes various clauses mutually agreed upon by both parties.
Generally, a Leave & License agreement contains the following important Points:
- Monthly Rent Amount
- Payment Related Conditions
- Tenancy Time Period
- Security Deposits
- Responsibilities for maintaining the property.
- Lock-In Period
- Agreement Renewal Clauses
- Notice Period
- Termination Clauses
- Maintenance and Repair Clauses
The responsibility of registering the Leave & License agreement is on the owner of the property. But the tenants should ensure that the Leave & License agreement is registered to avoid the complexities in case of any disputes.
The total cost incurred in registering the Leave & License agreement is generally divided equally between the owner of the property and the tenant.
Documents Required For Online Rental Agreement in Maharashtra?
Following are the main documents required to register for the Rental Agreement Online.
● Owner’s Aadhar Card and Pan Card
● Tenant’s Aadhar Card and Pan Card
● Witnesses’ Aadhar Card/Pan Card
● Copy Of Electricity Bill/Property tax/Index2
How to register the Rental Agreement Online
Stage 1: Calculating Applicable Stamp Duty and Registration Charges.
Stage 2: Making Payment on The GRAS Portal, Noting the GIN Number.
Stage 3: Drafting The Rental Agreement Online
Stage 4: Executing by Scanning the Thumb Impressions and Aadhar Details
Stage 5: Apply For Police Verification.
Stage 6: Check The Status
Present Stamp Duty, Registration, and TDS Charges in Pune( on sale of the property)
● Stamp Duty: 7% S(includes 1% metro cess, metro cess, local body tax, and transport surcharge)
● TDS charges: TDS is to be deducted at the rate of 1%.of such sum(consideration) paid or credited to the resident or the stamp duty value of such property, whichever is higher. if the stamp duty paid on a real estate transaction is ₹50 lakh or more whereas the net money exchanged is less than ₹50 lakh, even in that case 1 percent TDS will be levied.”
● Registration Charge: Property above ₹30 lakh – ₹30,000 Property below ₹30 lakh – 1% of property value.